The Impact of Artificial Intelligence on the Future of Computing: A Comparative Study

Abstract

This study compares the impact of blockchain technology on traditional financial institutions. Blockchain, a technology that uses distributed ledgers, has gained a lot of attention lately for its ability to revolutionize many industries, including finance. Traditional banking systems have long been the backbone of financial transactions, but they are not without limitations. The purpose of this research is to assess how the adoption of blockchain technology can influence and transform traditional banking systems. The comparative analysis encompasses multiple dimensions, including trust and transparency, security and fraud prevention, cost efficiency, decentralization, and the emergence of cryptocurrencies. This study sheds light on the possible advantages and difficulties of integrating blockchain into conventional corporate applications by studying these characteristics. Furthermore, the regulatory challenges and customer experience implications of implementing blockchain technology are explored. The research utilizes a combination of qualitative and quantitative methods, drawing upon existing literature, case studies, and data analysis. The findings reveal that blockchain technology has the potential to enhance trust and transparency in financial transactions, improve security measures, reduce operational costs, and promote financial inclusion. However, challenges related to regulatory frameworks, scalability, interoperability, and data privacy remain significant barriers to widespread adoption.

This study supports previous experience by conducting a comparative study of how blockchain impacts traditional companies. The findings highlight the transformative potential of blockchain technology and offer valuable insights for banks, policymakers, and researchers. The research concludes by discussing prospects and potential areas for further exploration to fully leverage the benefits of blockchain in traditional banking systems.